The Fantasy Sports Train Is Moving, Finally
Another step forward for fantasy sports in Louisiana. The Senate votes unanimously on a measure to implement a tax on fantasy sports revenues.
This measure calls for an 8 percent state tax on fantasy sports contests. The money generated from this hobby will be dedicated to early childhood education. Estimates show Fantasy sports could bring in about $375,000 a year to Louisiana.
Fantasy sports was put on the ballot in each parish back in 2018. Voters in each parish could decide if they wanted it or not. 47 of 64 parishes approved it. In our area, Caddo, Bossier and DeSoto Parishes approved fantasy sports. Click here to see how each parish votes.
Why has it taken so long to get this moving? When lawmakers passed the bill 2 years ago they determined it would not kick off until the taxing structure was in place. This sets up that taxing structure.
Sen. Kirk Talbot of River Ridge says he is “absolutely committed” to spending this money on early childhood education. It's now up to Governor John Bel Edwards to sign this bill.
In case you are new to this party, fantasy sports games are played online and consist of virtual sports teams with members. The players select their players and you track the success of those players each week. Participants pay an entry fee to get in on the prize pool. FanDuel and DraftKings are the two biggest players in the industry.